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The market in the region is being driven by the heightened prevalence of chronic diseases and ailments that are boosting the demand for biosimilars for efficient and cost-effective treatments. In 2020, with the advent of the COVID-19 outbreak worldwide, the demand for biosimilars witnessed a surge to aid in treating and managing COVID-19 related health issues. The growing investments by the market players in the development and trials of novel biosimilar solutions supported the market growth during the period. The growing public expenditure on the expansion and development of the healthcare infrastructure is expected to create new growth opportunities for the biosimilar industry. Furthermore, the growing government initiatives to promote the use of biosimilars over branded biologics are expected to significantly contribute to the market growth in the forecast period.
The growing collaborations among the leading players aimed at the development of advanced biosimilars to expand their product portfolio are expected to spearhead the market growth in the forecast years. For instance, in January 2018, Sandoz, a leading developer of biosimilars and a division of the Novartis Group (OTCMKTS: NVSEF), announced a collaboration with Biocon Limited, Asia’s biggest biopharmaceutical firm based in India, for the development, production, and c ommercialisation of a range of biosimilars among immunology and oncology patients across the globe. Furthermore, in March 2022, Biocon Biologics, a unit of Biocon Limited, announced to buy the biosimilar assets of its partner firm Viatris Inc. (NASDAQ: VTRS). This would help broaden Biocon’s market reach across North American and European markets.
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The major players in the India biosimilar market are Biocon Limited, Dr. Reddy’s Laboratories Ltd, Cadila Healthcare Limited, and Alkem Laboratories Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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